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BMW announced to build a new $1.2 billion plant in Hungary

BMW, a German automaker, laid down its plans to build a new manufacturing unit at Debrecen, a town in Hungary. Over 1000 jobs would be created at this factory and the project is expected to cost more than 1.2 billion dollars (1 billion euros)

On Tuesday, the company announced that over 150,000 combustion, hybrid and electric vehicles are expected to be produced at this location.

A spokesman said that BMW does not have a date set on when the operations would begin and are not certain on which car would be manufactured at this location.

Harald Krueger, the chairman of BMW AG said: “The company’s decision to build this new plant reaffirms our perspective on global growth.”

Europe is the automakers largest production location and 1.1 million vehicles were sold in Europe in 2017 which accounted for 45% of BMWs total sales.

Mr. Krueger further added that “After significant investments in China, Mexico, and the USA, we are now strengthening our activities in Europe to maintain a worldwide balance of production between Asia, America and our home continent.”

The new factory in Hungry is set to manufacture combustion as well as electric vehicles in a single production line and would have the most advanced technology. It would set standards in terms of digitalization, flexibility, and productivity.

In 2018 alone the automaker is set to invest 1 billion euros in its German sites for modernization.

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